UPDATE: KBW Downgrades Iberiabank to Market Perform (IBKC)

KBW is out with its report today on Iberiabank IBKC, downgrading IBKC from Outperform to Market Perform. In a note to clients, KBW writes, "We are transferring coverage of Iberia to Catherine Mealor from Jefferson Harralson. We are lowering our 12-month price target to $65 from $75, lowering 2011-2013 EPS estimates to $2.28, $3.50 and $4.52 (from $2.95, $3.80 and $4.55) which include the expected impact from pending acquisitions, and are downgrading the shares to Market Perform from Outperform." Shares of IBKC closed Wednesday at $59.18.